Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,409/mo
+$543/mo- Down payment
- $0
- Funds due
- $10,687
- Interest + MI left
- $554,293
- First ends
- Sep 2053
New loan
New conventional
$2,866/mo
Lowest payment- Down payment
- $40,800
- Funds due
- $49,273
- Interest + MI left
- $556,884
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $439,854 | $367,200 |
| Second mortgage | — | — |
| First P&I | $2,949.22 | $2,542.42 |
| Second P&I | — | — |
| Mortgage insurance | $209.26 | $73.44 |
| Taxes, insurance & HOA | $250.50 | $250.50 |
| Total housing payment | $3,408.98 | $2,866.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,687
Usable credit−$0
Total buyer cash needed$10,687
Earnest money paid−$0
Remaining funds due$10,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,080.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$301.50
Prepaid interest, first (1 days)$80.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 10 moOf the original 30-year loan at 6.710%
Interest already paid$95,348Through Nov 2026
Assumption only · ends Sep 2053$554,293
New conventional · ends Dec 2056$556,884